Clean up existing logo

Project is to take an existing logo (attached) and modify it to take it to the next level. The goal is for the logo to be usable for multiple purposes and appear as elegant yet masculine as possible, be it used on a piece of stationary or embroidered in a towel. Think 1920's Park Avenue bachelor's stationary. Should be no more than 20-30 minutes from start to finish for an experienced eye as simplicity and cleaniness is desired. Work product should be black and white, high resolution post-script file suitable to generate high quality camera-ready exemplars.